CB Richard Ellis Senior Housing announced two recent transactions that include a $15 Million in Southern California and a $102 Million acquisition by Brookdale Senior Living Inc. (NYSE: BKD). CBRE assisted in the purchase of Paragon Gardens Assisted Living and Memory Care for $15,250,000 by VinCal Senior Housing, a joint venture between Vintage Senior Housing and CalSTRS. The facility had 130 units, with approximately 60 percent assisted living and 40 percent Alzheimer’s units and David Rothschild, Matthew Whitlock and Mary Christian of CB Richard Ellis’ national Senior Housing Services Group represented the seller, an affiliate of Salem, Oregon-based Sunwest Management.
The Brookdale Senior Living Inc. acquisition was for three communities where Brookdale had previously owned a minority interest. The portfolio consisted of 642 total units, including 506 independent living units and 136 assisted living units, with average unit occupancy of approximately 92.1% for the third quarter of 2009. The communities are located in suburban Detroit, Austin, Texas and Pittsburgh, Pa. David Rothschild, Matthew Whitlock and Mary Christian of CB Richard Ellis’ national Senior Housing Services Group represented the seller. CB Richard Ellis Senior Housing Services also arranged first mortgage financing of $75.4 million with Fannie Mae.